Journal of International Financial Markets Institutions & Money最新文献

英文中文

Understanding reputational risks: The impact of ESG events on European banks 理解声誉风险：ESG事件对欧洲银行的影响

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-12-01 Epub Date: 2025-10-06 DOI: 10.1016/j.intfin.2025.102225

Erdinc Akyildirim , Shaen Corbet , Steven Ongena , David Staunton

This study examines the financial impact of negative ESG events on European banks. Exploiting a dataset of 11,832 reputational shocks from 2007 through 2023, we find evidence of significant negative abnormal stock returns and increased volatility following negative media coverage. High-severity media coverage, as well as the reporting of previously unknown problems, increases the magnitude of the shock. We complement the main analysis with a rich dataset of bank characteristics to explain variations in the results. Furthermore, we find that deposit instability exacerbates these effects, such that banks with more volatile deposit bases suffer more pronounced stock price declines following ESG incidents, indicating that investors perceive them as more vulnerable to sudden changes in sentiment. However, banks with stronger ex-ante ESG engagement experience less deposit volatility and more muted market responses, which highlights the role of ESG practices in mitigating reputational risk. A range of placebo testing procedures are employed to demonstrate that these effects are specific to the bank-level ESG events in our data and not caused by general market movements. Our findings highlight the interconnection between ESG risk, investor and depositor reactions, and the protective value of sustained ESG engagement.

本研究考察了负面ESG事件对欧洲银行的财务影响。利用2007年至2023年11,832次声誉冲击的数据集，我们发现了显著的负异常股票回报和负面媒体报道后波动性增加的证据。高度严厉的媒体报道，以及对以前未知问题的报道，增加了冲击的程度。我们用丰富的银行特征数据集来补充主要分析，以解释结果的变化。此外，我们发现存款不稳定加剧了这些影响，存款基础波动较大的银行在ESG事件发生后股价下跌更为明显，这表明投资者认为它们更容易受到情绪突然变化的影响。然而，事前ESG参与程度较高的银行存款波动性较小，市场反应较弱，这凸显了ESG实践在降低声誉风险方面的作用。我们采用了一系列安慰剂测试程序来证明，这些影响仅针对我们数据中的银行级ESG事件，而不是由一般市场波动引起的。我们的研究结果强调了ESG风险、投资者和存款人的反应以及持续参与ESG的保护价值之间的相互联系。

{"title":"Understanding reputational risks: The impact of ESG events on European banks","authors":"Erdinc Akyildirim , Shaen Corbet , Steven Ongena , David Staunton","doi":"10.1016/j.intfin.2025.102225","DOIUrl":"10.1016/j.intfin.2025.102225","url":null,"abstract":"<div><div>This study examines the financial impact of negative ESG events on European banks. Exploiting a dataset of 11,832 reputational shocks from 2007 through 2023, we find evidence of significant negative abnormal stock returns and increased volatility following negative media coverage. High-severity media coverage, as well as the reporting of previously unknown problems, increases the magnitude of the shock. We complement the main analysis with a rich dataset of bank characteristics to explain variations in the results. Furthermore, we find that deposit instability exacerbates these effects, such that banks with more volatile deposit bases suffer more pronounced stock price declines following ESG incidents, indicating that investors perceive them as more vulnerable to sudden changes in sentiment. However, banks with stronger ex-ante ESG engagement experience less deposit volatility and more muted market responses, which highlights the role of ESG practices in mitigating reputational risk. A range of placebo testing procedures are employed to demonstrate that these effects are specific to the bank-level ESG events in our data and not caused by general market movements. Our findings highlight the interconnection between ESG risk, investor and depositor reactions, and the protective value of sustained ESG engagement.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102225"},"PeriodicalIF":6.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Detecting cross-firm momentum effects via shared analyst coverage: The role of leaders 通过共享分析师覆盖率检测跨公司动量效应：领导者的角色

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-12-01 Epub Date: 2025-10-10 DOI: 10.1016/j.intfin.2025.102237

Yang-Rong Mao , Huai-Long Shi , Huayi Chen , Yu-Lei Wan

Cross-firm momentum effects via shared analyst coverage are well-documented in developed markets, but their robustness remains unclear in emerging markets, where information diffusion is asymmetric and analyst coverage is highly concentrated. Our work revisits this effect in an environment of extreme informational frictions — the Chinese market. We reconstruct the information transmission channel within the analyst coverage network by introducing a novel weighting scheme based on strength centrality (

S C

). This measure identifies influential leader firms that command disproportionate attention from both analysts and the market. Our results demonstrate that

S C

-weighted connected-firm returns robustly predict cross-sectional stock returns, yielding significant and persistent profits even under a rigorous stock filter. This performance cannot be subsumed by strategies based on alternative weighting schemes or by explanations such as intra-industry cross-firm momentum and information discreteness. Further analysis reveals that the superiority of the

S C

-based approach stems from its ability to effectively identify firms with stronger cross-period fundamental linkages. In addition, high-

S C

stocks are characterized by higher investor attention, more efficient information processing, lower arbitrage costs, and greater international exposures. With this evidence, we further confirm a directional spillover: cross-firm momentum effects flow exclusively from these high-

S C

leaders to low-

S C

laggards, and there is no reverse spillover. Our findings suggest that cross-firm momentum may be systematically underestimated in many international markets due to methodological limitations rather than economic irrelevance. The

S C

-based framework therefore offers a portable tool for global investors and researchers operating in environments with asymmetric information.

通过共享分析师报道的跨公司动量效应在发达市场中得到充分证明，但在信息扩散不对称且分析师报道高度集中的新兴市场中，其稳健性尚不清楚。我们的研究在一个极度信息摩擦的环境中——中国市场——重新审视了这种效应。通过引入一种新的基于强度中心性（SC）的加权方案，重构了分析师覆盖网络中的信息传输通道。这一指标确定了那些获得分析师和市场不成比例关注的有影响力的领先公司。我们的研究结果表明，sc加权关联公司回报稳健地预测横截面股票回报，即使在严格的股票过滤下也能产生显著和持续的利润。这种表现不能被基于替代加权方案的策略或行业内跨公司动量和信息离散性等解释所包含。进一步的分析表明，基于sc的方法的优势源于它能够有效地识别具有更强的跨时期基本联系的公司。此外，高sc股票的特点是投资者关注度更高，信息处理效率更高，套利成本更低，国际敞口更大。有了这一证据，我们进一步证实了一种定向溢出：跨公司的动量效应只从这些高sc的领导者流向低sc的落后者，而不存在反向溢出。我们的研究结果表明，在许多国际市场中，由于方法上的限制，而不是经济上的无关性，跨公司动量可能被系统性地低估了。因此，基于sc的框架为在信息不对称环境中操作的全球投资者和研究人员提供了一种便携式工具。

{"title":"Detecting cross-firm momentum effects via shared analyst coverage: The role of leaders","authors":"Yang-Rong Mao , Huai-Long Shi , Huayi Chen , Yu-Lei Wan","doi":"10.1016/j.intfin.2025.102237","DOIUrl":"10.1016/j.intfin.2025.102237","url":null,"abstract":"<div><div>Cross-firm momentum effects via shared analyst coverage are well-documented in developed markets, but their robustness remains unclear in emerging markets, where information diffusion is asymmetric and analyst coverage is highly concentrated. Our work revisits this effect in an environment of extreme informational frictions — the Chinese market. We reconstruct the information transmission channel within the analyst coverage network by introducing a novel weighting scheme based on strength centrality (<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>). This measure identifies influential leader firms that command disproportionate attention from both analysts and the market. Our results demonstrate that <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-weighted connected-firm returns robustly predict cross-sectional stock returns, yielding significant and persistent profits even under a rigorous stock filter. This performance cannot be subsumed by strategies based on alternative weighting schemes or by explanations such as intra-industry cross-firm momentum and information discreteness. Further analysis reveals that the superiority of the <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based approach stems from its ability to effectively identify firms with stronger cross-period fundamental linkages. In addition, high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> stocks are characterized by higher investor attention, more efficient information processing, lower arbitrage costs, and greater international exposures. With this evidence, we further confirm a directional spillover: cross-firm momentum effects flow exclusively from these high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> leaders to low-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> laggards, and there is no reverse spillover. Our findings suggest that cross-firm momentum may be systematically underestimated in many international markets due to methodological limitations rather than economic irrelevance. The <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based framework therefore offers a portable tool for global investors and researchers operating in environments with asymmetric information.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102237"},"PeriodicalIF":6.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269870","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Social capital and FinTech lending: international evidence 社会资本和金融科技借贷：国际证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-12-01 Epub Date: 2025-10-15 DOI: 10.1016/j.intfin.2025.102236

Tony Cavoli , Isma Khan , G.M. Wali Ullah

FinTech credit has grown significantly in recent years and can have important economic and financial outcomes. Social capital can provide societal benefits which impact FinTech lending. There are three factors that influence this connection: the inequality of income, the prevalence of digital technology, and the quality of institutions. This paper examines the relationship between social capital and FinTech lending for a panel of 56 countries for 2013–19, focusing on these important conditioning factors. We find that that greater social capital results in higher levels of FinTech lending. These results are robust to different model specifications, after correcting for possible endogeneity issues, and over different indicators of social capital. This effect is more pronounced for countries with better institutions, higher internet penetration, and lower income inequality – highlighting the need for authorities to consider their impact when formulating policy.

金融科技信贷近年来显著增长，并可能产生重要的经济和金融成果。社会资本可以提供影响金融科技贷款的社会效益。影响这种联系的因素有三个：收入不平等、数字技术的普及和制度质量。本文以2013 - 2019年56个国家为样本，考察了社会资本与金融科技贷款之间的关系，重点关注了这些重要的制约因素。我们发现，更大的社会资本导致更高水平的金融科技贷款。在校正了可能的内生性问题之后，这些结果对不同的模型规格以及不同的社会资本指标都具有鲁棒性。这种影响在制度较好、互联网普及率较高、收入不平等程度较低的国家更为明显——这凸显了当局在制定政策时考虑其影响的必要性。

引用次数: 0

Do FinTech Acquisitions Affect Banks' ESG Performance? Evidence from Global M&As 金融科技收购是否影响银行的ESG绩效？来自全球并购的证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-12-01 Epub Date: 2025-10-09 DOI: 10.1016/j.intfin.2025.102229

Antonella Francesca Cicchiello , Cristian Foroni , Stefano Monferrà , Giuseppe Torluccio

This study investigates how mergers and acquisitions (M&A) involving FinTech companies influence the Environmental, Social, and Governance (ESG) performance of acquiring banks. Using a global sample of 105 M&A deals completed by banks worldwide between 2009 and 2023, our findings indicate that FinTech acquisitions tend to enhance banks’ ESG performance. However, this effect is not immediately observable, manifesting only in the fifth year post-acquisition. To refine the analysis, we match banks that engaged in FinTech acquisitions with similar banks that did not, controlling for pre-acquisition characteristics. This approach reveals a positive and significant effect on environmental (E) and overall ESG scores starting from the third year, with social (S) scores showing significant improvement as early as the first year post-acquisition.

These findings contribute to the understanding of how FinTech M&As shape the ESG performance of traditional banks. The results also provide valuable insights for bank managers, policymakers, and financial regulators, emphasizing the role of FinTech acquisitions in advancing sustainability within the banking sector.

本研究探讨了涉及金融科技公司的并购如何影响收购银行的环境、社会和治理（ESG）绩效。通过对2009年至2023年间全球银行完成的105宗并购交易的全球样本分析，我们的研究结果表明，金融科技收购往往会提高银行的ESG绩效。然而，这种效果并不是立即可见的，只有在收购后的第五年才会显现出来。为了完善分析，我们将从事金融科技收购的银行与没有从事金融科技收购的类似银行进行了匹配，并控制了收购前的特征。这种方法显示，从第三年开始，对环境(E)和整体ESG得分有积极而显著的影响，社交(S)得分早在习得后的第一年就显示出显著的改善。这些发现有助于理解金融科技并购如何影响传统银行的ESG绩效。研究结果还为银行经理、政策制定者和金融监管机构提供了有价值的见解，强调了金融科技收购在促进银行业可持续性方面的作用。

{"title":"Do FinTech Acquisitions Affect Banks' ESG Performance? Evidence from Global M&As","authors":"Antonella Francesca Cicchiello , Cristian Foroni , Stefano Monferrà , Giuseppe Torluccio","doi":"10.1016/j.intfin.2025.102229","DOIUrl":"10.1016/j.intfin.2025.102229","url":null,"abstract":"<div><div>This study investigates how mergers and acquisitions (M&A) involving FinTech companies influence the Environmental, Social, and Governance (ESG) performance of acquiring banks. Using a global sample of 105 M&A deals completed by banks worldwide between 2009 and 2023, our findings indicate that FinTech acquisitions tend to enhance banks’ ESG performance. However, this effect is not immediately observable, manifesting only in the fifth year post-acquisition. To refine the analysis, we match banks that engaged in FinTech acquisitions with similar banks that did not, controlling for pre-acquisition characteristics. This approach reveals a positive and significant effect on environmental (E) and overall ESG scores starting from the third year, with social (S) scores showing significant improvement as early as the first year post-acquisition.</div><div>These findings contribute to the understanding of how FinTech M&As shape the ESG performance of traditional banks. The results also provide valuable insights for bank managers, policymakers, and financial regulators, emphasizing the role of FinTech acquisitions in advancing sustainability within the banking sector.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102229"},"PeriodicalIF":6.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does biodiversity matter for firm value? 生物多样性对公司价值有影响吗？

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-12-01 Epub Date: 2025-10-22 DOI: 10.1016/j.intfin.2025.102240

Simona Cosma , Stefano Cosma , Daniela Pennetta , Giuseppe Rimo

This paper investigates the relationship between firms’ impact on biodiversity and its firm value and the economic and financial mechanisms underlying this link, filling a gap concerning the financial materiality of biodiversity loss. By analysing a global panel of 1,848 publicly listed companies across 49 countries from 2018 to 2022, this study highlights how the Corporate Biodiversity Footprint (CBF) influences not only firms’ market valuations (Tobin’s Q, Market-to-Book) but also their operating profitability as measured by Return on Assets (ROA). At the same time, the CBF affects firms’ cash generation capacity both decreasing the level and increasing the volatility of operating cash flows. Further heterogeneity analyses reveal that the effect of CBF on firm value is particularly strong for large firms, firms producing tangible goods, firms headquartered in megadiverse countries, and countries with a high level of biodiversity conservation. The erosion of ROA is especially evident in countries already severely affected by biodiversity loss. The results have important implications for investors, banks, corporate managers, and policymakers to improve risk pricing, forward-looking corporate governance, and realign corporate strategies and capital allocation with global biodiversity targets.

本文研究了企业对生物多样性的影响与其企业价值之间的关系，以及这一联系背后的经济和金融机制，填补了生物多样性损失的金融重要性方面的空白。通过分析2018年至2022年49个国家的1848家上市公司的全球面板，本研究强调了企业生物多样性足迹（CBF）如何不仅影响公司的市场估值（托宾Q，市净率），还影响其以资产回报率（ROA）衡量的营业盈利能力。同时，企业现金流对企业现金产生能力的影响既降低了经营性现金流的水平，又增加了经营性现金流的波动性。进一步的异质性分析表明，CBF对企业价值的影响在大型企业、生产有形商品的企业、总部位于生物多样性大国的企业和生物多样性保护水平较高的国家尤为强烈。在已经受到生物多样性丧失严重影响的国家，总资产面积的侵蚀尤为明显。研究结果对投资者、银行、公司管理者和政策制定者改善风险定价、前瞻性公司治理以及根据全球生物多样性目标调整公司战略和资本配置具有重要意义。

{"title":"Does biodiversity matter for firm value?","authors":"Simona Cosma , Stefano Cosma , Daniela Pennetta , Giuseppe Rimo","doi":"10.1016/j.intfin.2025.102240","DOIUrl":"10.1016/j.intfin.2025.102240","url":null,"abstract":"<div><div>This paper investigates the relationship between firms’ impact on biodiversity and its firm value and the economic and financial mechanisms underlying this link, filling a gap concerning the financial materiality of biodiversity loss. By analysing a global panel of 1,848 publicly listed companies across 49 countries from 2018 to 2022, this study highlights how the Corporate Biodiversity Footprint (CBF) influences not only firms’ market valuations (Tobin’s Q, Market-to-Book) but also their operating profitability as measured by Return on Assets (ROA). At the same time, the CBF affects firms’ cash generation capacity both decreasing the level and increasing the volatility of operating cash flows. Further heterogeneity analyses reveal that the effect of CBF on firm value is particularly strong for large firms, firms producing tangible goods, firms headquartered in megadiverse countries, and countries with a high level of biodiversity conservation. The erosion of ROA is especially evident in countries already severely affected by biodiversity loss. The results have important implications for investors, banks, corporate managers, and policymakers to improve risk pricing, forward-looking corporate governance, and realign corporate strategies and capital allocation with global biodiversity targets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102240"},"PeriodicalIF":6.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145364598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Spillover effects of global fund flows 全球资金流动的溢出效应

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-10-01 Epub Date: 2025-09-11 DOI: 10.1016/j.intfin.2025.102209

Yang Zhang , Huanhuan Zheng

We apply a factor model to estimate the spillover effects of global fund flows across international equity and bond markets. We document robust evidence of global and regional spillovers of equity and bond flows in the transmission of external shocks, especially to emerging markets (EMs) during episodes of financial crises and capital stops. Macroprudential policies are effective in alleviating global and regional spillovers to EMs. However, we find no similar evidence for capital controls. Foreign and passive investors mitigate global and regional spillovers, but not sustainable investors whose scale may be too small to have any major impact. We observe bilateral spillovers between equity and bond markets within the same economy; however, their magnitudes are not comparable to those of global or regional spillovers.

我们运用因子模型来估计全球资金流动在国际股票和债券市场的溢出效应。我们发现了强有力的证据，证明股票和债券流动在外部冲击传导中具有全球和区域溢出效应，尤其是在金融危机和资本停止期间对新兴市场的溢出效应。宏观审慎政策在缓解全球和地区对新兴市场的溢出效应方面是有效的。然而，我们没有发现资本管制的类似证据。外国和被动投资者可以缓解全球和区域溢出效应，但不能缓解可持续投资者的影响，它们的规模可能太小，无法产生任何重大影响。我们观察到同一经济体内股票和债券市场之间的双边溢出效应；然而，它们的规模无法与全球或区域溢出效应相提并论。

引用次数: 0

The effects of structural reforms on gross capital inflows in OECD countries 结构改革对经合组织国家总资本流入的影响

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-10-01 Epub Date: 2025-09-07 DOI: 10.1016/j.intfin.2025.102221

Christos Mavrogiannis , Athanasios Tagkalakis

Utilizing a narrative database on structural reforms in 25 OECD countries from 1985 to 2020, we investigate the effects of labor and product market reforms on gross capital inflows. By applying the local projection method and addressing reform endogeneity with the Augmented Inverse Probability Weighted estimator, we find that structural reforms have a positive medium-term effect on both direct and portfolio investment. In particular, reforms boost investment, especially in environments of high quality financial institutions and amid low public debt.

利用25个经合组织国家1985年至2020年结构性改革的叙事数据库，我们研究了劳动力和产品市场改革对总资本流入的影响。运用局部投影法，利用增广逆概率加权估计量求解改革内生性问题，我们发现结构性改革对直接投资和证券投资都有积极的中期影响。改革尤其能促进投资，特别是在拥有高质量金融机构和低公共债务的环境下。

引用次数: 0

Revisiting central bank credibility: Results from a new survey 重新审视央行的可信度：一项新调查的结果

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-10-01 Epub Date: 2025-09-04 DOI: 10.1016/j.intfin.2025.102222

Joanna Mackiewicz-Łyziak , Tymoteusz Mętrak

Literature on economists’ perceptions of central bank credibility is limited, with Alan Blinder’s work remaining the seminal piece. In this study, we examine how views on various aspects of central bank credibility have evolved over the past two decades, since Blinder’s first survey on this topic. We present the results of the survey conducted in March and April 2024 among 319 experts in the fields of central banking and monetary economics. The questionnaire includes items from the original survey, as well as several new ones, particularly those related to the impact of unconventional monetary policy on credibility, credibility measurement, and central bank objectives. The results indicate that economists still perceive central bank credibility as considerably important for different aspects of central bank activities. In the study, respondents who were central bank practitioners considered credibility more important for monetary policymaking than did academics. Independence, a history of honesty, and transparency were identified as the most important attributes of central bank credibility, while unconventional monetary policies and large fiscal expansions were not considered threats to credibility. These results offer important implications for central banks aiming to formulate relevant policy guidelines.

关于经济学家对央行可信度看法的文献有限，艾伦•布林德（Alan Blinder）的研究仍是开创性的。在本研究中，我们考察了自布林德首次就这一主题进行调查以来，人们对央行可信度各个方面的看法在过去20年里是如何演变的。我们将介绍2024年3月和4月对中央银行和货币经济学领域的319名专家进行的调查结果。该问卷包括原始调查中的项目，以及几个新项目，特别是与非常规货币政策对可信度、可信度测量和央行目标的影响有关的项目。结果表明，经济学家仍然认为中央银行的信誉在中央银行活动的不同方面相当重要。在这项研究中，作为央行从业人员的受访者认为，在货币政策制定方面，可信度比学者更重要。独立性、诚信历史和透明度被认为是央行可信度最重要的特征，而非常规货币政策和大规模财政扩张不被视为对可信度的威胁。这些结果为旨在制定相关政策指导方针的央行提供了重要启示。

{"title":"Revisiting central bank credibility: Results from a new survey","authors":"Joanna Mackiewicz-Łyziak , Tymoteusz Mętrak","doi":"10.1016/j.intfin.2025.102222","DOIUrl":"10.1016/j.intfin.2025.102222","url":null,"abstract":"<div><div>Literature on economists’ perceptions of central bank credibility is limited, with Alan Blinder’s work remaining the seminal piece. In this study, we examine how views on various aspects of central bank credibility have evolved over the past two decades, since Blinder’s first survey on this topic. We present the results of the survey conducted in March and April 2024 among 319 experts in the fields of central banking and monetary economics. The questionnaire includes items from the original survey, as well as several new ones, particularly those related to the impact of unconventional monetary policy on credibility, credibility measurement, and central bank objectives. The results indicate that economists still perceive central bank credibility as considerably important for different aspects of central bank activities. In the study, respondents who were central bank practitioners considered credibility more important for monetary policymaking than did academics. Independence, a history of honesty, and transparency were identified as the most important attributes of central bank credibility, while unconventional monetary policies and large fiscal expansions were not considered threats to credibility. These results offer important implications for central banks aiming to formulate relevant policy guidelines.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102222"},"PeriodicalIF":6.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bearish bets and the press: On the relation between short interest and media tone 看跌押注与媒体：论空头兴趣与媒体语气的关系

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-10-01 Epub Date: 2025-08-23 DOI: 10.1016/j.intfin.2025.102205

Heiko Jacobs , Alexander Lauber , Sebastian Müller

We analyze the extent to which proxies for short interest at the firm level influence the tone of media reporting for the cross-section of firms. The examination of the German stock market shows that there is a significantly negative relation. Nevertheless, this relation becomes often, though not always, insignificant after thoroughly controlling for relevant company characteristics. Past performance as well as measures of differences of opinion and information uncertainty prove to be particularly important for tonality. These findings are similar for domestic and foreign reporting. With the exception of salience shocks, these results are also obtained for both public and non-public short interest. Additional evidence results from article characteristics and the aggregated time series, among others. On a broader level, the results contribute to the discussion about drivers of media reporting in financial markets.

我们分析了公司层面的空头利益代理在多大程度上影响了公司横截面媒体报道的语气。对德国股市的检验表明，两者之间存在显著的负相关关系。然而，在彻底控制了相关的公司特征之后，这种关系往往（尽管并非总是）变得微不足道。过去的表现以及对意见分歧和信息不确定性的衡量被证明对调性特别重要。这些发现在国内外的报道中是相似的。除显著性冲击外，这些结果同样适用于公开和非公开的空头权益。其他证据来自文章特征和汇总时间序列等。在更广泛的层面上，研究结果有助于讨论金融市场中媒体报道的驱动因素。

引用次数: 0

Accounting vs technical information: what matters more for stock return predictability? 会计与技术信息：哪个对股票收益的可预测性更重要？

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2025-10-01 Epub Date: 2025-08-25 DOI: 10.1016/j.intfin.2025.102207

Nusret Cakici , Adam Zaremba

We employ machine learning models to determine what matters more for stock return predictability: technical data or accounting information. Technical data holds an advantage—it consistently yields more accurate forecasts and higher portfolio returns. This superiority is not limited to the U.S. market but extends to major developed markets worldwide, at times showing even stronger effects. Furthermore, it remains remarkably robust across firm sizes and time periods. However, its edge is most pronounced at short horizons and comes at the cost of higher turnover. Accounting signals, while weaker overall, perform better over longer horizons and support lower-cost implementation. Finally, technical strategies excel in volatile, hard-to-value contexts, whereas accounting-based models fare better when valuation uncertainty is low.

我们使用机器学习模型来确定什么对股票回报的可预测性更重要：技术数据还是会计信息。技术数据有一个优势——它总是能产生更准确的预测和更高的投资组合回报。这种优势不仅限于美国市场，而且延伸到世界主要发达市场，有时甚至表现出更强的效果。此外，它在公司规模和时间段内仍然非常强劲。然而，它的优势在短期内最为明显，并以更高的流动率为代价。会计信号虽然总体上较弱，但在较长时间内表现更好，并支持较低成本的实施。最后，技术策略在不稳定、难以估值的环境中表现出色，而基于会计的模型在估值不确定性较低时表现更好。

引用次数: 0

首页上一页

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Journal of International Financial Markets Institutions & Money

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀